Hong Kong is set to expedite the licensing process for cryptocurrency trading platforms. This decision comes as competition intensifies in the global crypto market. Joseph Chan, the acting secretary for the Treasury, announced this regulatory shift, aiming to facilitate the rapid approval of licenses for crypto businesses.

The move reflects Hong Kong's commitment to improving its crypto trading infrastructure and staying competitive in the evolving sector. By speeding up the licensing procedure, Hong Kong seeks to attract more cryptocurrency platforms and enhance its status as a global financial hub.